Given my modest interest in F1 I have not ben able to keep up with the regulations that seems to change and get more complex for each season.
As I understand they now have KERS, DRS and shitty tires to make overtaking easier.  What a bunch of crap. I even read in a magazine that they have been discussing spraying some parts of the track with water just to make it interesting.
Motorsport should be load, spectacular and unsafe.  F1 should be the motorsport with the least amount of restricting rules other than safety and the definition of a "car".

What I DO like about F1 is the new engine regulations that will come i 2012-13 with turbocharged engines.  I'm very interested to se how they implement turbocharging in F1 now compared to how they did it in the 80's.  What size turbo(s), fuel, IC, plenum, antilag (will they use KERS as antilag ?) etc.
And what will restrict power ? boost pressure or restrictor ? Well that's a different discussion.

Here is the article:

http://speedhunters.com/archive/2011/08/27/discussion-gt-gt-are-rules-amp-regs-destroying-motorsport-pt-1.aspx